(Alliance News) - Hanover Acquisition Ltd on Tuesday said it boosted its holding in London-listed software firm Brady PLC to 56%, as the takeover offer edges towards going unconditional.
Hanover, a takeover vehicle of Hanover Active Equity Fund II Sca SICAV-RAIF, said it is contracted to acquire 1.1 million Brady shares, the 56% stake, and expects the share purchase to clear on Wednesday.
Hanover added: "As such Hanover Bidco expects the mandatory offer to go wholly unconditional on the same day."
The investment vehicle, which earlier Monday upped its cash takeover offer for Brady amid the threat of a potential counterbid, said it purchased 21.9 million Brady shares from Kestrel Partners LLP and 16.5 million shares from Coltrane Master Fund LP at the new 18p takeover price.
The raised offer values the entire share capital of Brady at GBP15 million.
Earlier in October, Brady agreed to a 10p per share cash takeover offer made by Hanover, valuing the firm at GBP8.3 million.
Shares in Brady were 0.4% lower at 17.62 pence each in London on Tuesday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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